The California State Senate unanimously approved Senate Bill 1472, authored by Senator Fran Pavley (D-Agoura Hills) this morning. SB 1472 is a bill that will provide local governments additional tools to fight blight caused by foreclosed properties primarily owned by banks and financial institutions.
SB 1472 is part of the package of legislation sponsored by the State Attorney General legislative package, the “The California Homeowner Bill of Rights.” The bill now goes to the California State Assembly for consideration.
Senator Pavley said, “Bank and financial institution’s foreclosed homes can create a nuisance for neighboring residents. Properties not being cared for lowers the value of surrounding homes, and abandoned properties attract gangs, drug users, and squatters. Untended properties also create mosquito abatement problems and increased fire risks.”